Gold Prices Stabilize Below $4,500 Amid Neutral Demand

Gold prices have stabilized below $4,500 after rebounding from lows near $4,280 as traders awaited the US Nonfarm Payrolls report. The spot price approached $4,700 earlier in August, reaching its highest level since mid-May on increased investment demand.

The technical signals are mixed in a low-volatility environment, with price expected to move between $4,416 and $4,518 over the next three days. Neutral demand is prevailing as nonfarm payrolls data prompts trader caution.

Gold is currently trading below its key moving averages in the short and long term but remains above medium-term averages. The MA-20 at $4,476 and the daily MA-200 at $4,579 are above the current price of $4,466.28.